Pune, April 19, 2023 (GLOBE NEWSWIRE) -- According to a recent market study by Quince Market Insights, the global Digital Signature Market Size was valued at USD 4.54 billion in 2022 and is projected to exhibit a CAGR of 31.52% during the forecast period. In the coming years, the market growth will be driven by the rising demand for cloud-based digital signature solutions. Many organizations are currently interested in using cloud-based digital signature software to reap the benefits of the software as a service (SaaS) business model. Cloud-based digital signature solutions offer unlimited data storage, strong security, and easy access from any location. These features allow users to edit and review contracts from any location. Since digital signature solutions are cloud-based, they are a suitable, paperless medium to share all agreements with only the respective stakeholders who are supposed to be involved, which is likely to drive the digital signature market.
DocuSign Company, for example, announced the DocuSign Agreement Cloud in March 2019, which enables clients, employees, and partners to do business faster, at a lower cost, with a better experience, and with minimal risk.
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Some Significant Market Developments Considered in the Report:
- January 2021 - a360inc, a leading provider of technology and outsourcing solutions to the legal and financial services industries, announced a strategic alliance with SIGNiX, a national provider of digital signature and remote online notary (RON) technology.
- December 2020 - The Kofax Digital Signing Solution works with GovTech's National Digital Identity Initiative.
- June 2020 - DocsCorp, a leading provider of enterprise productivity solutions together with RPost announced integration for New E-signature and Email Security Workflows DocsCorp RPost is one of theleader in secure and certified electronic communications.
- July 2020 - Adobe collaborated with Red Hat and IBM to help enterprises accelerate digital transformation and strengthen real-time data security, with a focus on regulated industries.
COVID-19 Impact on the Global Digital Signature Market
As per the QMI team, the demand for a global digital signature has been moderate during the COVID-19 pandemic time. It is anticipated to grow sharply during the analysis period.
The COVID-19 epidemic has accelerated the use of digital signatures and verification. The increasing amount of remote and online work is compelling industries to adopt digital technologies in order to stay in business. Governments around the world are embracing digital signatures and using them to replace paper-based transactions to protect social distance norms.
The pandemic has prompted industries around the world to transition to digital platforms. BFSI is one of the primary industries that has witnessed the rapid deployment of digital platforms to deal with the changing environment. However, identity verification has proven to be a significant challenge for banks. The electronic signature guarantees both parties' communication, removing the possibility of fraudulent transactions or communications. Similarly, during the epidemic, the retail and healthcare industries are gaining pace in implementing electronic signature. As a result, the market is predicted to grow rapidly during the forecast period.
In India, the government is focusing on fully leveraging the digital platform. The government has approved digital signatures and confirmations such as smart ID/card readers, electronic signatures, smooth pass, biometric signatures, and others. With the implementation of digital KYC, the Indian government is issuing a one-time password for the short-term obligation of electronic signature.
Furthermore, various market players, such as DocuSign and Adobe, have projected more than 50% growth by 2020. According to DocuSign, there has been a significant growth in the overall demand for their products, particularly DocuSign eSignature, as more firms have adopted or expanded their use of digital agreements due to the shift to remote, digital business processes. This accelerated digital transformation of agreements has resulted in increased customer base and significant increase in consumer spending across industries and countries.
Global Digital Signature Market Analysis by Region
Based on region, the global digital signature market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Among these, Asia Pacific is expected to grow at the highest rate during the forecast period. The regional market growth can be attributed to different initiatives undertaken by the government supporting the used of global digital signature in the region.
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Some Major Findings of the Global Digital Signature Market Report Include:
- Major global market trend & forecasts analysis along with a country-specific market analysis for up to 25 countries
- An in-depth digital signature market analysis by segments, along with an analysis of trend-based insights and factors
- Profiles of major market players operating in the global digital signature market include ADOBE (US), RPOST (US), OPENSPAN (US), THALES GROUP (France), ASCERTIA (UK), DOCUSIGN (US), ENTRUST DATACARD (US), SIGNIX (US), SECURED SIGNING (Australia), IDENTRUST (US),KOFAX (US), HELLOSIGN (US), MULTICERT (Lisboa), GLOBALSIGN (Belgium), and ZOHO CORPORATION PVT. LTD (India)
- Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years
- Key impact factor analysis across regions includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global digital signature market
- Impact of the COVID-19 on the global digital signature market
Leading Companies & Their Analysis
The market is highly competitive due to the presence of several small and large players. Companies are focusing on strategic collaborations, mergers, and acquisitions to increase their market share and expand their geographical reach. The increasing focus on providing customized solutions to meet the specific needs of customers is also driving the growth of the digital signature market. Some prominent players in the global digital signature market include:
- Adobe (US)
- Rpost (US)
- Openspan (US)
- Thales Group (France)
- Ascertia (UK)
- Docusign (US)
- Entrust Datacard (US)
- Signix (US)
- Secured Signing (Australia)
- Identrust (US)
- Kofax (US)
- Hellosign (US)
- Multicert (Lisboa)
- Globalsign (Belgium)
- Zoho Corporation Pvt. Ltd (India)
Market Segmentation
- By Component (Revenue, USD Billion, 2019 - 2032)
- Software
- Hardware
- Services
- Professional Services
- Managed Services
- By Deployment (Revenue, USD Billion, 2019 - 2032)
- On-premise
- Cloud
- Hybrid
- By Organization Size (Revenue, USD Billion, 2019 - 2032)
- Large Enterprises
- Small & Medium Enterprises
- By Industry Verticals (Revenue, USD Billion, 2019 - 2032)
- BFSI
- IT and Telecommunication
- Government
- Real Estate
- Healthcare and Life Sciences
- Others
Regional Outlook (Revenue, USD Billion, 2019 - 2032)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- South Africa
- Rest of Middle East & Africa
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